How To Make A Career Change

I quit my job as a corporate attorney and I am now a financial planner, blogger, and freelance writer. I’m living proof that you can make the change you want so badly for yourself and have a fulfilling career.

For someone who is interested in a career change (regardless of the reason), having a plan is the key to success.

1. Decide what you want

You need to decide what you want to do for work. This may seem obvious, but I’m sure you know someone who hates her job and decided to go back to school just because she was in an awful job – don’t let this be you! If you do not like your job, before you make a change, figure out what you do want to do. Learn how to find your dream job. If you go back to school without knowing what you want, you may end up at another job you don’t like except now you’ll have student loan debt. So, be sure you figure out what it is that you want to do. Think about what excites you; what you passions are. These are areas where you should consider looking for a new career. If you’re deciding between a couple different professions, shadow people in those fields. Shadowing is a great way to see what the daily life is like in a particular profession.

2. Figure out how much it will cost to get what you want

Research the path to getting where you want to be. If you want to be a hair dresser, look at different beauty schools and compare tuition costs. Similarly, if you want to make a career change that requires a lot more schooling, see if there are schools in your area that offer night classes and what the timeline and cost is for those. Be sure to consider schools that offer special programs that allow you to continue working full time while going to school.

3. Take financial inventory

Take a close look at your finances right now, including your cash flow (income and expenses), net worth, savings, debt, credit reports, and anything else. Before you make a career change that will presumably change your finances, be sure to know where you stand.

4. Create a plan (and be realistic)

After you know what it’s going to take (cost and time) to make a career change, compare where you want to go to where you are right now. Then ask relevant questions. How big is the gap? Do you want to go into a profession that would lower your income? Do you need to go back to school? Should you create a larger savings cushion before making the transition? These are a few important questions to consider.

Creating a plan means you have a projected timeline, financial details, and specific steps in order. For example, if you want to become a hairstylist, you should create a timeline showing each step you need to take, including the application process, how long school will take, and the cost of everything. Your timeline should also include any savings you need to do before you start. In this example, suppose you need $10,000 for beauty school. Your plan may be to save $10,000 before you enroll to avoid putting your family into debt. Saving before you start going to school is still part of the plan even though you haven’t enrolled yet.

Being unhappy in a job is no way to live, but for the transition into a new career to be successful and worth it (for you and your family) you need to be smart about it. It may be a good idea to consult a financial professional to take a look at your current finances and help you create a plan to change careers without your finances being negatively affected (avoiding student loans, for example). If you change careers without making sure you’re financially prepared for the change, you may end up worse off.

5. Implement your plan

At some point, you need to take action. Once you go through steps 1-5, you may find it easier to take action than you would if you were just stuck in a job you don’t like. But even if you’re still hesitating, notice your hesitation (or procrastination) and commit to starting on a specific date. There is no sense in waiting “until the time is right”. If you need to wait, decide exactly when you’re going to start. In the example above: set a goal of saving $10,000 in one year and enrolling in beauty school August 1st, 2015. This will give you a timeline and a plan to stick to instead of just having a vague idea of doing it in the future.

Comments

I’ve moved to ancillary jobs somewhat related to my career so it’s never been a drastic career change but I did take some (company paid) training. i.e. Finance -> IT -> Project Mgt -> Auditing. One regret I have is I never did my exam to get my PMP certification. I was planning to do it and then my Mum died and I put it off and never got back to it. I was trying to manage my stress, but basically I just moved it from a current stress to a later stress. I could still do it now, but not as much point anymore as I’m not working in that area. So I guess my advice is not to put this type of stuff off.debt debs recently posted…The Lemonade Stand Book Review and Giveaway

My husband is considering changing careers. It would be a huge deal because he would need to go back to school. Right now he is just looking at schools trying to figure out how many classes he would need to take so we can start estimating costs. It’s a really overwhelming prospect with a lot of different aspects to consider.Liz recently posted…June {in Review}

I think one thing that’s cool nowadays is you can dabble in different careers by getting some free online education with sites like coursera (hope I spelled that right). I would say also while you are full-time or have steady income, shadow someone in the field you are interested when you have time. I think sometimes some careers seem glamorous on paper but in reality aren’t so much. I jumped into trying life coaching without coming up with a solid plan or financial backing. It was a huge mistake, but live and learn![email protected] and the Beach recently posted…Five Things Freelancers Can Do When Work is Slow, Aside from Freak Out

It’s amazing what the internet provides now! Online courses are an excellent option. Also, I think shadowing is really priceless – you can read all you want but experiencing the job will provide a different, more valuable experience.

I think it’s easier said that done, but the most important part is making a realistic plan. I have clients who went back for a masters because they were passionate about the subject but now make less than what they made before the school and have $70,000 in student loan debt. It is difficult to think clearly when you are unhappy in a job situation; however, when you don’t you usually get yourself into a financial mess.Shannon @ Financially Blonde recently posted…Lemonade Stand Review and Giveaway

My older brother just got offered a job at a high end fashion company, his previous job was coaching soccer and he has a major in French. You really never know what’s possible.Stefanie @ The Broke and Beautiful Life recently posted…Blogging Lessons Learned

Hey Natalie, I think the biggest tip here is implementation of the plan. I’ve seen quite a few friends make plans and give up on the job search. As Holly said in a recent post, giving up doesn’t solve anything! Thanks for the great read!Josh Rodriguez @ CNA recently posted…Managing Your Loss Exposure | Binary Options Corner

We followed this plan to a T when my wife changed careers…school teacher to CPA. The first steps serve as the foundation for completing the toughest step, which is of course implementation. It’s one thing to have a plan…it’s always tougher to implement. I’d like to add another step – continued evaluation. Things can easily changed in the implementation phase. Be willing to adapt to the changing circumstances.Brian @ Luke1428 recently posted…The Tools of Motivation – Getting What You Need to Succeed

I made a career change last year, but it took my over 9 months to find a new job once I decided it was time. The problem I faced was that my resume (and education) was all about the Arts (theatre, to be specific). Even though I worked in an admin role for 4 years, managing my own department in arts education, I couldn’t break into the education sector. That is, until I completely re-did my resume, taking out A LOT of my old arts-related experiences, and focused it on my education experience instead.
It seems so obvious now, but it was hard to take off all of that art experience and education that I was so proud of! But it was all for a career path I didn’t want anymore, so it had to go.Amanda recently posted…Lifestyle Carnival â 111th Edition

Making a plan is key. If you have a plan and you truly want to switch careers I say go for it! Life is too short to be in a job or career that you hate.DC @ Young Adult Money recently posted…The One Simple Way to Avoid Money Arguments

I quit my job to write full-time in April of 2013, but it wasn’t some huge change because I had been freelancing on the side for some time. I just turned my side gig into a full-time job. It was a huge change to me personally because I no longer had to do the whole 9-5 thing, but it was definitely the right move.[email protected] recently posted…Why Used Stuff is Better Than New

Natalie, Thank You for motivating people to make a career change. I personally made a career change by starting my own business and it significantly impacted my life for the better. I also encourage my clients to pursue starting their own business. Your article will provide them with a great framework.

I recently wrote a book that complements many of the ideas you’re expressing in your blog. I’ll mail you a free copy for review, if you’d like. The book is called Outsmarting the System. In it, I share the lessons I learned as an IRS Agent and teach people how to reach financial freedom in the same ways as the rich. If you’d like to host a giveaway on your site, I’ll also mail a copy directly to the winner. Let me know if you’re interested. Keep up the good work!Tony @ Outsmarting the System recently posted…Review of “Choose Wealth! Be a Millionaire by Midlife”

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Hi, I'm Natalie! I went from lawyer to financial planner to blogger. I've designed my dream life and my goal is to help you design yours. I've been featured in Forbes, CNBC, MSNBC, US News, The Huffington Post, and more. Learn more about me here...